Conico Ltd (ASX:CNJ) Releases December 2024 Quarterly Report
Project Developments
Conico Ltd continued to explore strategic and technical options for its 50% stake in the Mt Thirsty Joint Venture. The board is considering further drilling to enhance the JORC Resources and updating the 2023 Scoping Study. Additionally, Conico is evaluating new mineral exploration opportunities both onshore and internationally, aiming to acquire promising projects.
Legal and Financial Updates
An arbitration decision rendered Conico and Longland jointly liable to Cartwright Drilling for A$1,048,882 related to the Ryberg Project and A$431,303 for the Mestersvig Project. The company is contemplating an appeal and seeking a negotiated settlement. Financially, Conico reported a net cash outflow of A$156k from operating activities this quarter.
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